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ONTARIO – Richmont Mines of Montreal says the initial inferred resource for the C zone at depth in its Island Gold mine near Wawa contains 508,000 oz of gold. The zone contained 1.5 million inferred tonnes grading 10.73 g/t Au over an average true width of 4.6 metres. The C zone remains open in all directions.

Richmont says that it will spend $35 million on the Island Gold Deep project this year. The existing ramp is to be extended from its current depth of 450 metres. The first segment of a new vertical shaft will be raise bored from the 450 level to the surface. Thirty-nine thousand metres of underground drilling is also planned.

Since beginning commercial production in October 2007, Richmont’s 100%-owned Island Gold mine has produced more than 225,000 oz of gold. Underground operations are accessed via a ramp, and ore is processed at an on site, 850-t/d rated carbon-in-pulp mill.